Beacon Roofing Supply, Inc. (NASDAQ:BECN) Given Consensus Rating of “Hold” by Brokerages

Posted by on Jun 7th, 2023

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) have been assigned an average recommendation of “Hold” from the eleven analysts that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation and one has issued a buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $70.00.

A number of research analysts have commented on BECN shares. Zelman & Associates downgraded Beacon Roofing Supply from a “hold” rating to a “sell” rating in a report on Friday, March 10th. Stephens reduced their target price on Beacon Roofing Supply from $70.00 to $68.00 in a report on Monday, May 8th. Deutsche Bank Aktiengesellschaft increased their target price on Beacon Roofing Supply from $85.00 to $86.00 in a report on Friday, May 5th. Robert W. Baird increased their target price on Beacon Roofing Supply from $65.00 to $76.00 and gave the stock a “neutral” rating in a report on Monday, February 27th. Finally, StockNews.com started coverage on Beacon Roofing Supply in a research report on Thursday, May 18th. They set a “hold” rating on the stock.

Beacon Roofing Supply Trading Up 4.9 %

NASDAQ:BECN opened at $70.07 on Wednesday. The company has a quick ratio of 1.09, a current ratio of 2.07 and a debt-to-equity ratio of 1.00. The business’s 50 day moving average is $61.15 and its two-hundred day moving average is $59.01. Beacon Roofing Supply has a 52 week low of $45.71 and a 52 week high of $70.15. The company has a market cap of $4.47 billion, a PE ratio of 13.48 and a beta of 1.58.

Insider Buying and Selling at Beacon Roofing Supply

In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, bought 99,880 shares of the business’s stock in a transaction on Friday, April 28th. The shares were purchased at an average price of $60.07 per share, with a total value of $5,999,791.60. Following the purchase, the insider now directly owns 15,171,964 shares of the company’s stock, valued at $911,379,877.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Clement Munroe Best III sold 1,500 shares of the business’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $61.00, for a total value of $91,500.00. Following the sale, the insider now owns 58,183 shares of the company’s stock, valued at approximately $3,549,163. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Cd&R Investment Associates Ix, acquired 99,880 shares of the company’s stock in a transaction dated Friday, April 28th. The stock was purchased at an average cost of $60.07 per share, for a total transaction of $5,999,791.60. Following the purchase, the insider now directly owns 15,171,964 shares in the company, valued at approximately $911,379,877.48. The disclosure for this purchase can be found here. 1.30% of the stock is owned by company insiders.

Institutional Trading of Beacon Roofing Supply

Hedge funds and other institutional investors have recently modified their holdings of the company. Advisor Group Holdings Inc. grew its holdings in shares of Beacon Roofing Supply by 37.5% in the 1st quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the company’s stock worth $65,000 after acquiring an additional 300 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Beacon Roofing Supply by 11.6% in the 1st quarter. Raymond James & Associates now owns 13,449 shares of the company’s stock worth $797,000 after acquiring an additional 1,397 shares during the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Beacon Roofing Supply in the 1st quarter worth $317,000. AlphaCrest Capital Management LLC grew its holdings in shares of Beacon Roofing Supply by 4.0% in the 1st quarter. AlphaCrest Capital Management LLC now owns 7,063 shares of the company’s stock worth $419,000 after acquiring an additional 273 shares during the last quarter. Finally, Bank of Montreal Can grew its holdings in shares of Beacon Roofing Supply by 27.0% in the 1st quarter. Bank of Montreal Can now owns 10,659 shares of the company’s stock worth $665,000 after acquiring an additional 2,267 shares during the last quarter.

Beacon Roofing Supply Company Profile

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Beacon Roofing Supply, Inc engages in the distribution of residential and non-residential roofing materials. It also distributes complementary building products including siding, windows, specialty exterior building products, insulation, and waterproofing systems for building exteriors. The company was founded on August 22, 1997 and is headquartered in Herndon, VA.

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Analyst Recommendations for Beacon Roofing Supply (NASDAQ:BECN)

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